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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--December 7, 1941

Dec 07, 2011

Wednesday, December 7--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

There is an old saying in the market place that goes like this:
Markets can and will do anything and everything possible, or
seemingly impossible, to frustrate the largest number of traders.
How many of you fit into that category recently? Choppy, sideways
and trendless trading in a market can do that to a trader. It
seems like many markets recently have been trading in a choppy
and less trending fashion. Part of the reason for the choppy and
indecisive price action in many markets is that big traders and
the fund traders are starting to wind down their trading activity
as the new year approaches.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to a fresh three-week high
overnight. The shorter-term moving averages (4-, 9- and 18-day)
are bullish early today. The 4-day moving average is above the 9-
day and 18-day. The 9-day is above the 18-day moving average.
Short-term oscillators (RSI, slow stochastics) are bullish early
today. Today, shorter-term technical resistance comes in at the
overnight high of 1,268.00 and then at the November high of
1,275.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at this
week’s low of 1,245.30 and then at 1,225.00. Sell stops are
likely located just below those levels. Wyckoff's Intra-day
Market Rating: 5.5

Nasdaq index futures: The shorter-term moving averages (4- 9-and
18-day) are still neutral early today. The 4-day moving average
is above the 9-day. The 9-day average is barely below the 18-day.
Short-term oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term technical resistance is located
at last week’s high of 2,344.75 and then at 2,375.00. Buy stops
likely reside just above those levels. On the downside, short-
term support is seen at this week’s low of 2,309.00 and then at
2,284.00. Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at Tuesday’s low of 12,070 and then more stops just below
support at 12,000. Buy stops likely reside just above technical
resistance at Tuesday’s high of 12,200 and then at the October
high of 12,230. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above the 9-day. The 9-day
moving average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral to bullish.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading. Shorter-term moving
averages (4- 9- 18-day) are bearish early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day is below the 18-
day moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term support lies at 140 even and
then at last week’s low of 139 24/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance lies
at 141 even and then at 141 16/32. Buy stops likely reside just
above those levels. Wyckoff's Intra-Day Market Rating: 4.5

March U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day)
are bearish early today. The 4-day moving average is below the 9-
day and 18-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bearish early
today. Shorter-term resistance lies at Tuesday’s high of 129.22.5
and then at 130.01.5. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 129.00.0 and then
at last week’s low of 128.20.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is firmer in early trading today.
Dollar index bulls still have the overall near-term technical
advantage but need to show more power soon. Slow stochastics for
the dollar index are neutral early today. The dollar index finds
shorter-term technical resistance at Tuesday’s high of 79.41 and
then at 79.75. Shorter-term support is seen at 79.00 and then at
this week’s low of 78.72. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading slightly lower early today. Bulls
have the overall near-term technical advantage. In January crude,
look for buy stops to reside just above resistance at this week’s
high of $102.24 and then at the November high of $103.37. Look
for sell stops just below technical support at $100.00 and then
at $99.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mixed in overnight trading. Grain markets are still
following the outside markets. The key outside markets are mostly
bearish for grains early today—-firmer U.S. dollar index and
weaker crude oil prices. My bias is still that the downside in
the grain markets is limited at present lower price levels.
 

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